Muhlenkamp & Co. Inc. Purchases New Shares in Enterprise Products Partners L.P. $EPD

Muhlenkamp & Co. Inc. purchased a new position in shares of Enterprise Products Partners L.P. (NYSE:EPD) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 24,855 shares of the oil and gas producer’s stock, valued at approximately $914,000. Enterprise Products Partners accounts for 0.3% of Muhlenkamp & Co. Inc.’s investment portfolio, making the stock its 25th largest holding.

Several other hedge funds and other institutional investors also recently bought and sold shares of EPD. Glenview Trust Co acquired a new position in Enterprise Products Partners in the second quarter valued at $1,433,000. Empowered Funds LLC purchased a new stake in shares of Enterprise Products Partners in the second quarter valued at about $12,283,000. United Capital Financial Advisors LLC acquired a new stake in shares of Enterprise Products Partners during the second quarter worth about $3,789,000. Dearborn Partners LLC purchased a new position in shares of Enterprise Products Partners during the second quarter worth about $608,000. Finally, Lifetime Wealth Management P.C. purchased a new position in shares of Enterprise Products Partners during the second quarter worth about $2,091,000. 26.07% of the stock is owned by hedge funds and other institutional investors.

Enterprise Products Partners Trading Down 0.2%

NYSE:EPD opened at $38.97 on Friday. Enterprise Products Partners L.P. has a 1 year low of $30.01 and a 1 year high of $40.17. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.66 and a current ratio of 0.93. The stock has a fifty day moving average price of $37.89 and a two-hundred day moving average price of $37.66. The stock has a market capitalization of $84.15 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 1.28 and a beta of 0.49.

Enterprise Products Partners (NYSE:EPD) last posted its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.09. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.67%. The business had revenue of $18.27 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same period in the prior year, the company posted $0.66 EPS. The business’s revenue for the quarter was up 60.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Enterprise Products Partners L.P. will post 3.03 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a dividend of $0.56 per share. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.55. This represents a $2.24 dividend on an annualized basis and a yield of 5.7%. The ex-dividend date of this dividend was Friday, July 31st. Enterprise Products Partners’s payout ratio is presently 77.78%.

Analyst Upgrades and Downgrades

EPD has been the subject of several analyst reports. TD Cowen reaffirmed a “hold” rating and set a $38.00 price objective (down from $39.00) on shares of Enterprise Products Partners in a research note on Monday, August 3rd. Truist Financial boosted their target price on Enterprise Products Partners from $36.00 to $40.00 and gave the company a “hold” rating in a report on Monday, May 4th. JPMorgan Chase & Co. upped their price target on Enterprise Products Partners from $41.00 to $42.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. Wall Street Zen raised Enterprise Products Partners from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 16th. Finally, UBS Group reiterated a “buy” rating and issued a $45.00 price objective on shares of Enterprise Products Partners in a research report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $40.00.

Enterprise Products Partners Profile

Enterprise Products Partners L.P. (NYSE: EPD) is a Houston-based master limited partnership that provides midstream energy services across North America. The company owns and operates an extensive network of pipelines, storage facilities, processing plants and export terminals that transport and handle natural gas, natural gas liquids (NGLs), crude oil and refined and petrochemical products. Its core activities include gathering and transportation, fractionation of NGLs, natural gas processing, crude oil and condensate pipelines, and marine and terminal services that enable domestic distribution and exports.

Enterprise serves a diverse set of customers including producers, refiners, petrochemical companies, marketers and end users.